Sky (SKY)
CryptoScore Pro global score : 80/100 (computed on 2026-10-28)
Sky (SKY) is a decentralized finance (DeFi) protocol built on Ethereum, rebranding from MakerDAO’s MKR token ecosystem to position itself as a multi-chain governance and stablecoin infrastructure layer. Launched on September 24, 2024, SKY operates as a utility token within the Sky ecosystem, facilitating staking, governance, and cross-chain liquidity via the SkyLink integration. Its primary innovation lies in enabling MKR token holders to migrate their assets into SKY at a fixed ratio of 1 MKR to 24,000 SKY, effectively creating a new tokenomic foundation for the Hydration ecosystem—a DeFi framework focused on stablecoin issuance and yield generation. The project’s significance stems from its direct lineage to MakerDAO’s legacy while expanding into a broader DeFi use case, targeting users seeking governance participation, staking rewards, and cross-chain interoperability without the volatility of traditional DeFi tokens. However, its reliance on a single migration event and the absence of native DeFi activity raises questions about long-term utility beyond its initial rebranding phase. Sky’s technical architecture is anchored in Ethereum’s smart contract infrastructure, with its…
Scores by pillar
| Technology | 56/100 |
|---|---|
| Tokenomics | 83/100 |
| Team | 74/100 |
| Adoption | 71/100 |
| Liquidity | 91/100 |
| Compliance | 88/100 |
Market data
| Price | $0.06611 |
|---|---|
| Market cap | $1.55B |
| 24h volume | $10.82M |
| Market cap rank | #70 |
| 24h change | +2.48% |
| 7d change | -24.15% |
| Blockchain | Ethereum |
| Sector | DeFi |
Analysis
Sky manages the issuance of stablecoins, digital stable currencies, on Ethereum. This protocol, originating from MakerDAO, uses smart contracts to orchestrate governance and multi-chain liquidity via SkyLink. The token is used for staking, depositing assets for rewards, and voting.